Ascent Solar welcomes Winston Xu to board, plans to re-enter BIPV, BAPV market

Financials

  • ASTI
    NASDAQ
    2.90
    -0.19 (-6.18%)
    11:23AM EDT

Founder and Chairman of the Radiant Group, Winston Xu Biao is the newest member of Ascent Solar Technologies’ board of directors. Xu will help the company oversee new market opportunities, as well as its re-entrance into the BIPV and BAPV markets, which it delayed in March 2011.

“Mr. Xu will play a key role in our immediate plan to re-enter the BIPV and BAPV sectors. As those sectors continue to develop, Mr. Xu's experience and relationships in the rapidly growing Chinese market will be invaluable,” stated Dr. Amit Kumar, chairman of Ascent Solar.

Xu serves as the chairman to TFG Radiant Investment Group and has over 15 years of experience in different areas of business including investments, operations of business start-ups, developments, turnarounds and private equity investments. He is a member of the Chartered Institute of Building (CIOB) and has been appointed as a Class 3 director for Ascent. He stands for election at the company’s 2012 annual meeting and was appointed to the board as the designee of TFG Radiant in accordance with the stockholder’s agreement between Ascent and TFG.

“We are pleased to welcome Winston to the Board of Directors and look forward to leveraging his rooftop construction expertise in East Asia. Winston brings a wealth of experience related to international trade, construction and renewable power generation," stated Victor Lee, Ascent Solar president and CEO.

Ascent noted that it will continue its work in off-grid markets, while assertively increasing production and certifying an updated line of modules to IEC and UL standards in Q4 2012. The company plans to return to the rooftop solar market on a global scale, focusing primarily on the Asia market where Radiant Group holds a strong presence.

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